Which of the following increases the need for a person to purchase life insurance? quizlet

Inhaltsverzeichnis Show

What are the main reasons that people choose to purchase life insurance?
What are the main reasons that people choose to purchase life insurance quizlet?
What are 5 factors I need to consider when purchasing life insurance?
When determining your need for life insurance you should consider your?

Mathematics with Business Applications

6th EditionMcGraw-Hill Education

3,760 solutions

Business Math

17th EditionMary Hansen

3,644 solutions

Intermediate Accounting

14th EditionDonald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

1,471 solutions

Accounting: What the Numbers Mean

9th EditionDaniel F Viele, David H Marshall, Wayne W McManus

338 solutions

Marketing Essentials: The Deca Connection

1st EditionCarl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese

1,600 solutions

Business Math

17th EditionMary Hansen

3,644 solutions

Fundamentals of Financial Management, Concise Edition

10th EditionEugene F. Brigham, Joel Houston

777 solutions

Business Math

17th EditionMary Hansen

3,644 solutions

Marketing Essentials: The Deca Connection

1st EditionCarl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese

1,600 solutions

Mathematics with Business Applications

6th EditionMcGraw-Hill Education

3,760 solutions

Accounting: What the Numbers Mean

9th EditionDaniel F Viele, David H Marshall, Wayne W McManus

338 solutions

Business Math

17th EditionMary Hansen

3,644 solutions

An older man owns a life policy with a $50,000 death benefit. He took a $30,000 loan against the policy. Over 10 years, $10,000 in dividends was used to reduce premiums (billed at $4,000 per year). The cash value of the policy is $15,000 (net of loan). If he surrenders the policy, which of the following is true?
A. He will incur taxable gain or ordinary loss.
B. $15,000 ordinary income must be declared.
C. $5,000 ordinary loss may be declared.
D. $15,000 ordinary gain must be declared.
E. $5,000 ordinary income may be declared.

Marketing Essentials: The Deca Connection

1st EditionCarl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese

1,600 solutions

Mathematics with Business Applications

6th EditionMcGraw-Hill Education

3,760 solutions

Accounting: What the Numbers Mean

9th EditionDaniel F Viele, David H Marshall, Wayne W McManus

338 solutions

Mathematics with Business Applications

6th EditionMcGraw-Hill Education

3,760 solutions

What are the main reasons that people choose to purchase life insurance?

Top 10 Reasons to Buy Life Insurance.

Cover Burial Expenses. Sadly, even a basic funeral service can run upwards of several thousand dollars. ... .

Pay Off Debt. ... .

College Planning. ... .

Build Cash Value. ... .

Diversify Investments. ... .

Business Planning. ... .

Estate Taxes. ... .

Coverage is Affordable..

What are the main reasons that people choose to purchase life insurance quizlet?

The only reason a person would buy life insurance is to eliminate or substantially reduce the financial consequences of that person's death by providing income to his or her dependents.

What are 5 factors I need to consider when purchasing life insurance?

5 things to consider before purchasing life insurance.

Assess your insurance needs. ... .

Compare insurance policies. ... .

Choose a cover that you can afford. ... .

Evaluate the future of your insurance policy. ... .

Check the claim settlement history of the insurance company..

When determining your need for life insurance you should consider your?

The most common rule of thumb is purchasing a life insurance policy worth ten times your annual income. So, if you make $50,000 annually, you would need a $500,000 life insurance policy. This rule of thumb may work for some people, but it's always accurate.